Ultrapower(300002) Tai Ping Yang·2024-10-31 06:39Investment Rating - The report assigns an "Increase" rating to the company [1][6] Core Insights - The company achieved a revenue of 4.514 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 11.42%. The net profit attributable to shareholders reached 1.094 billion yuan, up 94.33% year-on-year [2][3] - In Q3 2024, the company reported a revenue of 1.461 billion yuan, a year-on-year increase of 4.53%, and a net profit of 463 million yuan, which is a remarkable year-on-year growth of 191.43% [2][3] - The company continues to see strong performance from its core products, "Age of Origins" and "War and Order," while optimizing costs, leading to improved profitability [3][4] Financial Performance - The company's net profit attributable to shareholders in Q3 2024 increased by 37.72% quarter-on-quarter, driven by strong product performance and reduced expenses [3] - Sales expenses decreased by 18.29% quarter-on-quarter, and R&D expenses fell by 21.72%, indicating effective cost management [3][4] - The company has two new SLG games expected to launch by the end of 2024, which are anticipated to contribute to revenue growth [5][6] Revenue and Profit Forecast - The company is projected to achieve revenues of 6.737 billion yuan, 7.568 billion yuan, and 8.437 billion yuan for 2024, 2025, and 2026, respectively, with corresponding growth rates of 12.99%, 12.34%, and 11.47% [6][10] - The net profit attributable to shareholders is expected to be 1.328 billion yuan, 1.376 billion yuan, and 1.555 billion yuan for the same years, with growth rates of 49.68%, 3.65%, and 12.98% [6][10]